5/2/2012: St. Mary's Bank Offers Members Free Rewards for Saving with SaveUp

PO Box 990

Manchester, NH 03105-0990

(603) 669-4600

1-888-786-2791

PRESS RELEASE

For immediate release:

May 2, 2012

Contact: Elizabeth Stodolski

(603) 629-1430

estodolski@stmarysbank.com

St. Mary’s Bank Offers Members Free Rewards for

Saving with SaveUp

Credit union one of 20 in the U.S. offering SaveUp, a program that rewards people for saving money and reducing debt

Manchester, NH—May 2, 2012—From air miles to bonus points, consumers have long been rewarded for spending money. Now they can earn free rewards for doing the opposite at St. Mary’s Bank. The credit union is one of 20 credit unions in 15 states selected to join SaveUp, an innovative pilot program that rewards people for saving money instead of spending it.

St. Mary’s Bank members can register for SaveUp directly through the credit union’s website at www.stmarysbank.com. The program is free, secure, and easy to use. Members are awarded credits each time they contribute to their savings or retirement accounts; pay down their credit cards, mortgages, or other loans; or engage with SaveUp's financial education content. The credits can be redeemed for the opportunity to win prizes such as cash, cars, vacations, and more.

The credit union has already received a lot of positive feedback on SaveUp from users, according to St. Mary’s Bank Director of Marketing Elizabeth Stodolski.

“I think SaveUp is a really fun and innovative way to get people to save. I love the fact that I could win a big prize, like an iPad,” said Dan Simard, a member of St. Mary’s Bank’s Youth Advisory Board. “I cannot wait to use this program more.”

“SaveUp makes saving money fun and engaging,” said Annie Yonkers, a St. Mary’s Bank employee. “I really enjoy the selection of prizes. I feel like there is something for everyone. Some days I try for a $5,000 Banana Republic gift card, sometimes I try for a $50,000 student loan payment.”

“SaveUp fits with St. Mary’s Bank’s mission of helping members achieve long term financial goals like home ownership, retirement, and higher education,” said Stodolski. “We’re proud to offer a program that empowers our members and encourages positive financial activities like saving and debt reduction.”

In addition to rewarding people for saving, the SaveUp pilot program will evaluate the motivational effects that prizes and rewards have on helping consumers make better financial choices. The Filene Research Institute, a leading non-profit think tank with a long record of bringing innovative ideas to life for consumers through credit unions, will work with SaveUp and the credit unions to track usage, monitor member feedback, and compile results of the pilot.

About St. Mary’s Bank

Founded in Manchester, New Hampshire in 1908, St. Mary’s Bank is the nation’s first credit union. As a not-for-profit, member-owned credit union, St. Mary’s Bank makes progressive financial products and services available and affordable to consumers and businesses. Members enjoy excellent service, competitive rates, low fees and state-of-the-art banking services. Headquartered in Manchester, New Hampshire, St. Mary’s Bank has branches in Manchester, Hudson, Londonderry, Milford and Nashua. Call 1-888-786-2791 or visit www.stmarysbank.com for more information.

About SaveUp

Founded in 2011, San Francisco-based SaveUp created the first, free nationwide rewards program that encourages Americans to save money, pay down their debts and make positive changes to their financial behaviors. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting or life-changing prizes for performing positive financial actions. The company is funded by BlueRun Ventures and True Ventures. To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at www.saveup.com.

###

Back to News & Events